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Twelfth consecutive losing quarter For Bingo.com

9/1/09 - The operator of the online bingo site Bingo.com, Bingo.com Limited, has released its unaudited financial results for Q2 2009 showing a twelfth consecutive losing quarter, attributed to rising marketing costs.
 
The firm's net loss of $266 702, was 13 percent higher than the same period last year, and 8 percent up on Q1 2009. Management attributed the loss to increased cost of marketing, which it said was necessary to enable the operation to succeed in an increasingly competitive UK market sector.

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A company spokesman said: “We had cash of $848 749 and working capital of $752 304 before the provision for jackpots and players float of $340 317 at June 30, 2009. This compares to cash of $412 002 and working capital of $336 316 before the provision for jackpots and players float of $211 821 at December 31, 2008.”
 
Second quarter gaming revenues of GBP 957 040 were achieved, up by 41 percent year-on-year and seven percent higher than the previous quarter.
 
Bingo.com Limited recently completed a private placement of 1.5 million shares that brought in $225 000, while total revenues increased seven percent year-on-year and 14 percent quarter-on-quarter to $1.51 million.
 
“The second quarter of 2009 was a challenge for Bingo.com” said Tarrnie Williams, the company's CEO. “While our traffic and revenues continue to increase, the competition in the United Kingdom online bingo market is intense and has resulted in a reduction of individual player values.
 
"Our costs have increased due to our Maltese gaming license, affiliate marketing costs and our continued investment in search engine optimisation.
 
“We recognise that to capture a higher percentage of the online bingo market share and reach profitability we need to offer our players a unique gaming experience. As we put cost saving measures in place and continue to focus on improving the Bingo.com system, we believe we will achieve profitability in the coming quarters.”



Gambling News :

2 New Christmas Slots For Microgaming - Microgaming’s jolly game additions this December. Microgaming adds two more games to kick off the festive season, in addition to its action-packed Highlander online slot.

SportsBetting Supreme Court Showdown - Sports Law, Betting and Integrity leaders convene to preview Supreme Court Showdown. Thought leaders weigh in on Christie vs. NCAA (which in January will shift to Murphy vs. NCAA)

Mega Moolah Progressive Slot Pays Again - On 15 November 2017, the Mega Moolah jackpot was won by a Grand Mondial Casino player. They took home €938,306.35.

Microgame S.p.A. in deal with Prima Networks - Prima Networks, powered by Microgaming, has signed a deal with Microgame S.p.A., the leading Italian gaming service provider.

NBA Odds: Heat Can Burn Cavaliers in Cleveland - The Cleveland Cavaliers (12-7 SU, 6-12-1 ATS) may have turned their season around, but they’ve got a challenging matchup this Tuesday against the Miami Heat (9-9 SU, 7-9-2 ATS), tipping off at 7 PM ET on NBA-TV. Miami is 7-4 SU and 6-5 ATS against the Cavs since LeBron James went back to Cleveland in 2014.

Games Concept Day in Malta - The Quickfire Games Concept Day is the second full-day workshop to date, the first being held in Gibraltar in July.

AFC’s fight against match-fixing - The Asian Football Confederation (AFC) has introduced a new AFC integrity mobile application, which will enable fans, players and officials to report possible suspicious activities or provide information concerning match-fixing or corruption to the AFC Integrity Unit.

PartyPoker Removes Dormant Account Fees - partypoker today announced that players will no longer be charged fees for inactivity on their online accounts.

NHL Odds: Rangers Look for Seventh Straight in Chicago - The Chicago Blackhawks (8-8-2) will try to get their season on track this Wednesday when they host the surging New York Rangers (9-7-2) in an Original Six showdown. NBCSN has the coverage beginning at 8 PM ET.

ACR $1,400,000 High Five Tournament Series - It has five added tournaments a day for five straight days, with the $420k Main Event on the final day. There are Texas hold’em and PLO game types, and tons of structures.a

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